·         Fitch Rating said that Egyptian banks’ Viability Ratings (VRs) could come under pressure, if the banks’ foreign assets continue to drop.

·         A group of Gulf banks completed arranging a USD3 billion joint loan for Egypt, equally divided between Islamic and green financing, for a period of 3 years.

·         Egyptian Tax Authority said that a draft law approved by Cabinet imposes a lump-sum tax on real estate transactions concluded before May 2013.

·         National Bank of Egypt, Banque Misr, Banque de Caire, Arab African Bank, and Export Development Bank started the procedures to establish a joint-stock company to support exports and import substitution, with a capital of EGP250 million. 

·         Ethiopian government announced plans to clear 17k hectares of forest in preparation for the third filling of the dam this summer. 

·         Apicorp and IsDB) have launched a three-year, USD 1 bn initiative for private-sector focused infrastructure financing, in countries including Egypt.

·         FWRY intends to launch an electronic application that provides instalments purchases through its subsidiary Fawry Consumer Finance, with an expected initial portfolio size of EGP30.0 million.

·         CBE will allow banks to launch digital lending services via mobile wallets this year. 

·         CBE: Volume of credit facilities granted to the largest 100 clients amounted to EGP507.6 billion at the end of June 2021, + 19% YoY.

·         President El-Sisi directed to launch an initiative to support the health sector by providing a financing package with interest ranging between 5% and 8%.

·         IRAX has restructured debts exceeding EGP12 billion. 

·         Taaleem saw a 23.7% y-o-y increase in its bottom line in 1Q2021-2022 to EGP 71.9 mn. TALM is trading at 15x FY22 P/E, based on earnings of EGP240 mn. 

·         OCDI shareholders will vote on the company’s new board of directors at an extraordinary general meeting today.

·         The Grand Egyptian Museum could open its doors in 2H22.

·         The Supreme Council for Wages received many requests from tourism companies to exempt them from paying the minimum wage until the end of 1Q2022.